MIAMI HOPES TO GET '92 WORLD FAIR

Mayor Maurice Ferre is dusting off Miami's application to host the 1992 World's Fair now that Chicago has bowed out, but his plans called for a scaled-down exhibition that would cost only about $500 million.

"Our chances are very good," Ferre said Friday. "It's an opportunity that if properly and intelligently done would be one of the greatest things to happen to this city."

Ferre said he would "dust off our application" and send President Reagan a letter saying Miami wants the fair.

In Chicago, World Fair Authority General Manager John Kramer said Thursday there were not enough votes in the Illinois House to approve funding for the fair. Declaring that the "dream is dead," he said he would recommend an end to all planning for a 1992 exposition in Chicago.

Miami and Chicago were the only applicants in 1982 when the Bureau of International Expositions picked a host for the celebration, timed with the 500th anniversary of Christopher Columbus' discovery of the New World.

Ferre estimated a fair could be put on for $500 million, half of what Chicago had planned to spend. He envisions using a combination of city and state taxes, federal grants and private financing. It would pay off in terms of jobs and publicity for the city, he said.

Since Chicago was chosen for the fair, the Greater Miami Chamber of Commerce has been planning a smaller exhibition for 1992 known as Expo 500. Chamber officials hope plans for Expo 500 can be used as a base for a world's fair.